sandeep sahoo
Payment Gateway- defining the new age transactions.
Is your business online? If it is, then you know how beneficial a payment gateway account is for accepting credit cards. Any person conducting business online should be well-versed with the payment gateway, and how it can benefit both his business as well as the customer. A payment gateway is nothing but an authorization service for credit card transactions over the internet and is used to facilitate transaction between the business, the card issuer and the business's bank.
Certainly, a business has the option to process credit card transactions manually, but payment gateway has a number of benefits:
Fraud protection: If a customer gives a credit card that has been reported lost or stolen, a payment gateway will notify you immediately so you don't process the transaction. This prevents charge-backs and helps protect your customers.
Speed and efficiency: If your business involves large number of credit card transactions, a payment gateway helps you to decrease the amount spent on processing those transactions. Saved time= saved money.
Less red tape. For new businesses, a payment gateway allows you to start accepting credit cards immediately rather than waiting to build a positive credit history for a merchant account. Of course, using a payment gateway comes with a cost, which is probably the reason many businesses are reluctant to apply them. A percentage of each sale is deducted from your profit for the payment gateway's services, which can be a loss if you don't carry out a large volume of credit card transactions.
However, a payment gateway is one of the convenient ways a business can transact with credit cards online.
What is the cost?
Generally, A payment gateway charges businesses a certain fee for processing credit card transactions, but the method used to calculate those fees may vary. One payment gateway account might charge you a percentage of each purchase, such as 1.8 percent, while another might charge you a flat fee for every purchase in a specific price range, such as 15 cents.
There are also other charges, like charge-backs, customer complaints, withdrawals, reversals and setup. Make sure all the fees are discussed before you sign up for a payment gateway account.
Who should use a payment gateway?
A payment gateway account is beneficial for all businesses types that operate online. From service providers to online education to retail, there are plenty of applications.
However, it's important to take into consideration the quantity of credit card transactions. If you only receive two or three per month, the benefits of a payment gateway might not justify the cost. Additionally, a payment gateway can be enormously helpful for any business that operates internationally.
To get a payment gateway at reasonable costs, contact us today.
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